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Kona Real Estate Management Joseph A. Garcia, BIC Christina Sotelo, BA 808-329-3121 www.konahomesandrentals.com “A small but professional father-daughter run company, (father licensed since 1972 and daughter since 2004) both Hawaii real estate brokers, specializing in long-term rentals, as well as listings and sales and home check services. Call us today for more details on how we may be of service to you.” IN ESCROW ISLANDER INN MLS#297150 $99,999 Leasehold KONA KAI UNITS 1 bedroom Starting at $40,000 Leasehold 12 West Hawaii Real Estate | August 31, 2016 Solid home price appreciation more than offset a modest reduction in mortgage interest rates to push housing affordability lower in the second quarter of 2016, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today. “Firm job growth, historically low interest rates and healthy price appreciation in many markets are all positive signs that the housing recovery continues to move forward,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. “At the same time, regulatory hurdles and rising costs for buildable lots and skilled labor continue to put upward pressure on the cost of building a home.” “Though we have seen a modest drop in affordability in the second quarter, the HOI is still fairly high by historical standards,” said NAHB Chief Economist Robert Dietz. “Rising employment, favorable mortgage rates and increasing household formations will keep the housing market on a gradual, upward path during the rest of the year.” In all, 62 percent of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $65,700. This is down from the 65 percent of homes sold that were affordable to medianincome earners in the first quarter. The national median home price increased from $223,000 in the first quarter to $240,000 in the second quarter. Meanwhile, average mortgage rates edged lower from 4.05 percent to 3.88 percent in the same period. For the third consecutive quarter, Youngstown-Warren-Boardman, Ohio- Pa. was rated the nation’s most affordable major housing market. There, 91.1 percent of all new and existing homes sold in the second quarter were affordable to families earning the area’s median income of $53,900. Rounding out the top five affordable major housing markets in respective order were Scranton- Perfectly Situated Condo has it All Gorgeous ocean & golf course frontage views from this two bedroom, two bath unit located in Keauhou area. Completely remodeled and comes turnkey furnished! Also includes an On-Demand hot water system. This is a vacation rental, so call today to schedule an appointment to see this beautiful unit. $489,950 Please call to check REDUCED what is for rent KEAUHOU ESTATES BROKERS 3 bed/2 bath 808-329-3121 MLS#292614 • $514,999 Linda Johnson R, GRI, SFR Specializing in You & Kona Real Estate Cell: 808.989.6155 pprrooppeerrttyy@@hhaawwaaiiii..rrrr..ccoomm •• wwwwww..pprrooppeerrttyyiinnkkoonnaa..ccoomm Open House Saturday July 30th, 10-1 62-2002 Kahena place Wilkes-Barre-Hazleton, Pa.; Syracuse, N.Y.; Harrisburg-Carlisle, Pa.; and Indianapolis-Carmel-Anderson, Ind. Meanwhile, Kokomo, Ind. claimed the title of most affordable small housing market in the second quarter of 2016. There, 98.2 percent of homes sold during the second quarter were affordable to families earning the area’s median income of $60,900. Smaller markets joining Kokomo at the top of the list included Cumberland, Md.-W.Va.; Fairbanks, Alaska; Davenport-Moline-Rock Island, Iowa- Ill; and Monroe, Mich. For the 15th consecutive quarter, San Francisco-Redwood City-South San Francisco, Calif. was the nation’s least affordable major housing market. There, just 8.5 percent of homes sold in the second quarter were affordable to families earning the area’s median income of $104,700. Other major metros at the bottom of the affordability chart were located in California. In descending order, they included Los Angeles-Long Beach- Glendale; Anaheim-Santa Ana-Irvine; San Jose-Sunnyvale-Santa Clara; and San Rafael. The five least affordable small housing markets were also in California. At the very bottom of the affordability chart was Santa Cruz- Watsonville, where 14.7 percent of all new and existing homes sold were affordable to families earning the area’s median income of $85,100. Other small markets at the lowest end of the affordability scale included Salinas; Napa; San Luis Obispo-Paso Robles-Arroyo Grande; and Santa Maria-Santa Barbara. Rising home prices affect housing affordability


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